A Complete Guide to the Futures Market: Technical Analysis, Trading Systems, Fundamental Analysis, Options, Spreads, and Trading Principles

A Complete Guide to the Futures Market: Technical Analysis, Trading Systems, Fundamental Analysis, Options, Spreads, and Trading Principles (2nd Edition), by: Jack D. Schwager and Mark Etzkorn, ISBN: 978-1118853757, c2017, 720 pages, Wiley, publ.There is talk in the reviews that the printed paper in this book is super-thin, like scriptures. I was happy to receive my copy in huge textbook format, in great condition (thanks!). I'm happy with my purchase.In terms of content, I really like the straightforward coverage on Optimization parameters, and the Optimization myth (pp. 297-310), which I think is one up for the investor know-how, skill, and competence argument. Book states, "In summary, contrary to widespread belief, there is some reasonable question as to whether optimization will yield meaningfully better results over the long run than randomly picking parameter sets to be traded....this statement is not intended to imply that optimization is never any value....however, the degree of improvement provided by optimization is far less than generally perceived and that traders would probably save a lot of money by first PROVING any assumption they are making about optimization rather than taking such assumption on blind faith" (p. 310), such as by trend following. I think this is thoroughly true, and the authors give clear examples of why they support this view.I agree with the authors’ view that regardless of whatever system of optimization employed, it still has to be tested and PROVEN to be significantly effective beyond extrapolation to prior performance, or some trending price movement, which is still quite a challenge. Case and point: can one prove that a hurricane or tornado will not fully wipe out next season's grain? Inferentially, a more reliable system of grand analyses of all variables should be considered for every single trade; otherwise, one has to be thinking about variables for every single trade or portfolio asset at all times. Where is the work-life balance in that? Nonetheless, the authors do not leave you empty handed based on their views. It is by what the authors point out and discuss that we find what we advisably should and should not do.Perhaps all the solutions and answers to PROVING more reliable trading methods lie in quantitative reasoning (algorithms, ML, DL, AI, etc), and I think this book adds value to that perspective, especially by offering a clear understanding of the pros and cons of technical and fundamental analyses. This book arms you with a useful knowledge about fundamental and technical strategies, thereby pushing forward quantitative reasoning, machine learning, deep learning, and AI approaches. I am only hoping that, in all my grasping and learning more and more about tech and quantitative strategies -- on the basis of the details in this and other books -- I can create and utilize a trading system that is PROVEN effective. I think the book is definitely worth at least 4 stars for the insights on tech and fundamental analyses alone. In fact, I would more accurately put it at 4.5 stars for that aspect, if it were possible.Finally, this book lets you know that you can be successful on previous and current mainstream trading approaches (tech/fundamental methods, spreads, discretionary/empirical trading, etc) -- but my view on that is perhaps a more reliable system of trading can be attained through a well-defined trading philosophy (Chapter 36), stop-loss know-how (Chapters 13 and 14), and skill and competence in computational (quantitative) approaches in futures trading (e.g., Kevin J. Davey's books). This view is further supported in Dr. Avci's book, "Performance, Managerial Skill, and Factor Exposures in Commodity Trading Advisors and Managed Futures Funds," c2019, ISBN: 978-1612334738. I also think this book goes undeniably well with – and should be read in accompaniment with – Omar Bassal’s book “Swing Trading for Dummies (2nd Edition)”, c2019, ISBN: 978-1119565086. Don’t underestimate the title; it’s a “Dummies” book but it’s actually a very good one and quite useful as a strong reference book – it is all about what and what not to do in fundamental analysis and technical analysis.In closing, Schwager and Etzkorn's book is quite helpful and I think it merits 5 stars for what it does. There is much to be gained from all books mentioned here because these guys know what they’re talking about, and one can succeed on their guidance with the encouraging outlook of doing well in today’s digital capital markets industries.

Excellent guide into basics and more advanced areas of Futures markets and trading. Makes a great delve into technical aspects of markets and its dynamics, as well as provides great step by step material for more advanced methodologies.If you have a strong grasp of mathematics and have time to fully digest the material it is invaluable even for an experienced trader or analyst.

Um es auf Deutsch zu sagen: das schlechteste Buch, das ich in Bezug auf Futures Trading gelesen habe!Die Aufmachung:miese Papierqualität und zu viele völlig unleserliche und viel zu kleine Schwarz-Weiss-Charts !Der Inhalt:Total am Thema vorbei. Wer glaubt, AUS DIESEM BUCH das Futurestrading zu erlernen, hat sich total getäuscht!Das Buch ist voll mit- technischer Analyse (krieg ich bei John J. Murphy aber besser aufbereitet)- altklugen Sprüchen und Tipps (z.T. hat Mr. Schwager ganze Kapitel aus seinen "Market-Wizards" einfach überneommen und einkopiert)- methematischen Formeln, die KEINEN Trader jemals interessieren (vllt. einen Doktoranten in Harvard, der Volkswirtschaft studiert)Dem Buch fehlt:- Grundlegende Information über Futures selbst und den fundamentalen Einflüssen auf deren Preisentwicklung- Grundlegende Information über das Trading von Futures (kein Wort über Margin, Settlement und was terminmärkte noch ausmacht)- Grundlegende Information über die Futuresmärkte, deren Bedeutung (was eine wesentliche Auswirkung auf das Trading mit Futures hat; Futures sind eben KEINE AKTIEN, KEIN FOREX) und der Marktteilnehmer (kein Wort über die Commercials, deren eigentliches "Playfield" der Terminmarkt ist oder über die Hedgefonds, die ebenfals den Preis eines Futures beeinflussen)Lediglich das allererste Kapital, das J. Schwager etwas abschätzen "für den 'blutigen Anfänger' " bezeichnet, gerät in die Nähe dessen, was der Titel verspricht: ein Guide für die Futuresmärkte zu sein.Hier wird mit einem bekannten Namen Geld gemacht. Aber:- Schade ums Papier (800 Seiten graues, holziges Papier in der einer Qualität, die eine Tageszeitung nicht einsetzen würde)-Schade um die Zeit, wenn man es ganz lesen würde (ehrlicherweise muss ich gestehen, dass ich nach ca. 500 Seiten davon abgekommen bin)und vor allem-Schade ums Geld!Dieses Buch ist alles mögliche, nur kein "Guide für die Futuresmärkte".Wer wirklich ein Buch sucht, mit dem er sich ins Trading an den Futuresmärkten einarbeiten kann, greift zu- George Kleinman (für den Anfänger)- Stephen Briese (umd die Märkte tiefer zu verstehen)- Larry Williams (für die profitable Strategie)- Alexander Elder — der hat zwar NICHTS MIT FUTURES am Hut, ist jedoch der überragende Tradingpsychologeund schaut sich im Internet um!

Grande libro. Ben scritto, chiaro really usefull. It would have been fantastic if the author had added some real scheme to test a strategy through excell.

This book is a great overview of the futures market, but goes beyond just the core of what a futures contract is and how to trade them. The book covers a great deal of information relating to both fundamental and technical analysis and gives a solid background on numerous topics before building up to different techniques of trading. I found myself learning additional details on subjects that I thought I already had a good understanding off.In addition I have to respect Jack Schwager's support of his readers, when I received a different print of the book than intended he stepped in personally and had the publisher send the proper print.